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EMTECH Unveils Beyond Compliance Product for Fintechs to Proactively Manage Risk

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EMTECH, award-winning software provider has announced a new software product called Beyond Compliance, to help Financial Service Providers (FSPs) automate and manage regulatory compliance in one place. Regulatory Compliance is an imperative for FSPs as the fines for non-compliance can run into the billions of dollars. Beyond Compliance helps users stay ahead of regulatory issues before they result in fines, loss of a license, bankruptcy or closures.

 

The ground-breaking Beyond Compliance product provides users with regulatory checklists and workflows to enable and guide them through compliance processes. By simply selecting their regulator or jurisdiction and providing a few details, users can standardize and automate compliance activities. EMTECH designed the compliance product to increase business efficiency and reduce labor costs while reducing fragmentation and manual processes.

As the incidences of fraud, digital identity theft and money laundering increase, a recent McKinsey & Company report,” The future of the payments industry: How managing risk can drive growth” notes that service providers should “modify their risk management programs to protect their revenue and improve regulatory compliance. This may include enhancements to issue management, due diligence processes, risk appetite setting, or risk identification processes.”

“If fintech is to grow more resilient and effective at protecting consumers today and in the future, we have to rethink how compliance will be managed compared to how it’s done today. With highly fragmented regulatory requirements, risk monitoring and reporting methods, a more integrated compliance management platform is an essential tool for survival and growth” noted Carmelle Cadet, CEO and Founder of EMTECH.

The Beyond Compliance product provides “a great user experience, it is a customizable solution. The product is detailed and very effective in ensuring compliance to regulatory directives”, says beta user Kwasi Ofei, Head of Compliance at Juni Payments.

“Regulatory compliance can be a complex task for FSPs. EMTECH’s Beyond Compliance is designed to help fintechs manage their compliance requirements, in one or more markets, monitor their compliance status and provide a level of regulatory visibility that is required by Central Bankers and regulators, “ said Steven Dickens, Chief Technology Advisor at The Futurum Group.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Konga’s Back-to-School Campaign Empowers Learners and Educators with Unbeatable Deals

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Konga’s Back-to-School campaign has been a game-changer for parents, students, teachers, and other stakeholders in Nigerian education.

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Since its launch three weeks ago, the campaign—which offers necessary school supplies and educational tools at discounts of up to 80%—has given educators and families alike a lifeline.

In a time when many are feeling the pinch of the current economic climate, Konga’s Back-to-School campaign has stepped up to support Nigerian families in preparing for the new academic year.

Because of the back-to-school campaign, parents can now afford to buy everything their kids need for school, including tech devices, backpacks and stationery, without straining their finances.

At the core of Konga’s Back-to-School initiative is its commitment to empowering learners as they resume a new session. The deals provide a wide range of educational resources to make sure pupils are prepared for academic success.

Konga has addressed the diverse demands of all students, from nursery school pupils in need of new stationery to university students requiring laptops for their schoolwork.

Moreover, with the discounts offered during the campaign, more families can now afford high-quality products. This ensures that every learner, regardless of their financial situation, has the tools they need to thrive academically.

Konga’s Back-to-School campaign has also been a tremendous support for parents and educators. By offering substantial discounts on a wide range of products, Konga has made it easier for parents and educators to shop for what they need, while saving money.

Furthermore, Konga’s Back-to-School campaign is not just about school supplies; it aims to meet the broader needs of the educational community. The campaign has also featured deals on items like beauty, health and personal care products, electronics and fashion.

This ensures that students are not only academically prepared but also physically and mentally ready for the challenges of a new school year.

In addition, Konga has made it easy for shoppers to access these incredible deals through its user-friendly online platform. With just a few clicks, customers can browse, select, and purchase what they need, with the added convenience of nationwide delivery.

As the Konga Back-to-School campaign continues, it is evident that it has made a significant difference in the lives of many Nigerians.

For those who are yet to take advantage of these deals, there is still time to shop and save before the end of September. Visit Konga.com today and equip your kids with everything they need for a successful school year.


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Opay, Moniepoint others to Begin Deduction of N50 Electronic Transfer Fee Opay, Moniepoint others to Begin Deduction of N50 Electronic Transfer Fee

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Federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint.

The deduction, which is in line with the Federal Inland Revenue Service (FIRS) regulations, is set to take effect from September 9, 2024.

The announcement was made by the fintech companies through notifications to their customers.

In a statement, Opay informed its customers, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”

The company clarified that these deductions are part of the government’s requirements and not a revenue stream for fintech companies.

“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government,” the statement added.

Similarly, Moniepoint, another major fintech platform, issued a brief notice, stating: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.

“Your BRM is available to answer questions you might have.”


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AIT Embraces AI Driven Learning to Revolutionise Higher Education

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Accra Institute of Technology (AIT) has made a pioneering commitment to revolutionize its operations by fully integrating Artificial Intelligence (AI) across all facets of the university.

This bold initiative was unveiled by AIT President, Professor Clement Dzidonu, during the institution’s 20th graduation ceremony.

Addressing the graduating class and esteemed guests, Professor Dzidonu highlighted the transformative impact of AI on the future of higher education.

Read Also: Accra Institute of Technology marks graduation milestone with inspiring ceremony

“As we stand at the threshold of an AI revolution, top universities worldwide are actively exploring ways to harness these technologies. AIT is proud to be at the forefront of this revolution,” he emphasized.

Recognizing AI integration as a necessity in modern education, AIT is poised to become a global trailblazer in the comprehensive application of AI across 12 critical stages of the student life cycle. These stages include:

– Curriculum development

– Program delivery

– Assessments

– Research

– Alumni engagement

By embracing AI, AIT aims to enhance the educational experience, improve operational efficiency, and prepare students for success in an increasingly technology-driven world.

This groundbreaking initiative cements AIT’s position as a leading technological university and sets a new standard for innovation in higher education.

“By seamlessly integrating AI and associated technologies into all aspects of what we do at this university, AIT is not only enhancing the educational experience for our students but also positioning itself as a global leader in the intelligent and innovative delivery of higher education,” Professor Dzidonu announced.

The AIT Board of Trustees, which include six former Vice Chancellors is currently spearheading the development of comprehensive policy provisions and guidelines to facilitate this transformative integration of AI and other emerging educational technologies.

This initiative aims to ensure that AIT graduates are equipped with the skills, knowledge, and adaptability to thrive in an increasingly AI-driven economy and society.

“We believe that this holistic approach will not only benefit our students but also position AIT as a global leader in the intelligent and innovative delivery of enriching higher education in the sub-region and beyond,” Professor Dzidonu concluded.

This bold move by Accra Institute of Technology underscores the university’s commitment to staying at the forefront of technological innovation and ensuring that its students are prepared for the challenges and opportunities of the future.

Accra Institute of Technology (AIT) [www.ait.edu.gh], ranked as the top private University in Ghana by the Ghana Tertiary Awards, is an independent technology-focused university dedicated to academic excellence and cutting-edge scientific and industrial research and R&D work.

For the fourth consecutive year, the University has been honored with the Best Technology University in Ghana Award, a recognition bestowed by the Ghana Tertiary Awards.

This achievement follows the Best in Technology-Focused University in Ghana Award from Global Business Insight of the United Kingdom.

AIT is accredited by the Ghana Tertiary Education Commission (GTEC) to offer both campus-based and Open University undergraduate and postgraduate programs.

AIT is affiliated with the Kwame Nkrumah University of Science and Technology (KNUST) for campus-based undergraduate programs in engineering, computer science/IT, and business administration, and the Open University of Malaysia for Open University undergraduate and postgraduate programs at the Masters and Ph.D. levels.


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